While many may say that the current war between Israel and Iran isn’t our issue, that may be far from the truth as the continued clash has impacted petrol prices
Data from Petroleumprice.ng revealed that Dangote Petroleum Refinery raised its petrol price from ₦825 to ₦840 on Monday,
while Rainoil increased its price from ₦850 to ₦900.
fyne field and Mainland adjusted their ex-depot prices to ₦930 and ₦920, respectively, marking increases of ₦51 and ₦63.
Other reported prices included Sigmund at ₦920, Matrix Warri at ₦910, NIPCO at ₦895 (up from ₦827), and Aiteo at ₦840.
The rise in ex-depot prices suggests that petrol could approach ₦1,000 per litre in the coming days.
Petrol Prices May Hit 1,000 Naira Per Litre As The Israel-Iran Conflict Continues
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Meanwhile, Nigeria’s crude grades—Bonny Light, Brass River, and Qua Iboe—climbed to $77 per barrel on Friday,
continuing the upward trend into Monday due to Israel’s military actions against Iran.
As of Monday, Bonny Light stood at $78.62 per barrel, according to Oilprice.com.
These prices now exceed the Federal Government’s 2025 budget benchmark of $75, offering temporary fiscal relief but threatening domestic fuel stability.
Energy experts caution that higher crude prices will raise the cost of refined products like petrol and diesel, due to the rising cost of feedstock.
Meanwhile, President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Festus Osifo, has criticised oil marketers for exploiting Nigerians through inflated fuel prices,
Further insisting that petrol should sell between ₦700 and ₦750 per litre.
However, Clement Isong, Executive Secretary of the Major Energies Marketers Association of Nigeria (MEMAN), attributed the spike to rising crude prices.
But, a depot operator who spoke anonymously said Monday’s halt in petrol loading—caused by tanker drivers’ protest over a ₦12,500 E-Call-Up fee—was a more immediate concern.
“If unresolved, this E-Call-Up issue could plunge the country into another fuel scarcity,” the operator warned.
With these developments, are Nigerians ready to battle another hike or fuel scarcity?
We hope not.